myPOS is a London-based digital and hardware payment provider that offers accessible and integrated payment solutions. Their innovative products help hospitality, retail, and entertainment businesses handle card transactions across various platforms, including in-store, online, and mobile devices.
One of myPOS payment services is the tap-to-pay feature for iPhone devices.
We’ve prepared this guide to introduce you to their Tap to Pay on iPhone and Android solution, but first, let’s briefly go over their other products and services to see what the company is all about.
Sections
Introduction to myPOS Software
The myPOS software solution can be used both for in-person and online payments. It’s an ideal option for businesses that provide services in the following industries across Europe:
- Transportation services
- Hospitality and accommodation businesses (restaurants, bakeries, bars, hotels, nightclubs, breweries, fast food kiosks, coffee shops, etc.)
- eCommerce-oriented businesses
- Retail shops (accessories, apparel, specialised shops, etc.)
- Recreation and educational services
- Professional businesses
myPOS Features
Here’s a brief list of myPOS’ main features.
High-security certification: myPOS software complies with the highest PCI DSS accreditation levels. This is the standard level of security used by credit and debit card issuers such as MasterCard and Visa.
Data encryption and safeguard: myPOS uses TIER 4 centres for encrypting personal and business data. These servers are located in Europe, and their main goal is to ensure robust security and limit access control. The company actively does regular real-time surveillance to detect fraud or other unusual activities. Additionally, myPOS software is backed and monitored by a team of security experts dedicated to preserving and monitoring a secure and protected data environment.
Two-factor verification: Businesses can add a two-factor verification authorisation for all their daily transactions. Additionally, they can use the optional feature and set a specific limit on the amount of money that can be processed through the software.
Multiple third-party integrations: Businesses can tailor the myPOS software for their unique wants and needs by syncing it with multiple third-party integrations for eCommerce, accounting, finance, delivery, and other purposes, such as Xero, SageOne, or Quickbooks. To do so, they need to use an extra integration for syncing third-party add-ons. They can also use myPOS API if they want to use external APIs, such as Oracle, SAP, or WinMan.
Digital transaction gateway: Businesses can use the Checkout feature available on their myPOS account to manage, process, and monitor their online (digital) payments and sales revenue in the specific timeframe of their preference. Once you click on Checkout, myPOS will redirect you to a new secure web page where you’ll get access to online payments.
eCommerce features: myPOS offers plenty of eCommerce features, including a Shopping Cart feature and plugins for online checkout and delivery.
Multiple payment methods: Customers can pay with most major credit or debit cards and digital wallets, such as Visa, Maestro, Visa Electron, MasterCard, American Express, Union Pay, Bancontact, JCB, Apple Pay, Google Pay, Samsung Pay, etc.
Tipping options: Every myPOS device comes with an integrated tipping feature. Whenever customers want to add a little extra cash as a token of appreciation for the provided service, businesses can process the tip via any in-person payment method.
Multi-user functionality: myPOS payment terminals are specifically designed to provide maximum efficiency regarding multi-user functionality. Businesses can let employees log in to their accounts and connect them to any payment terminal. These devices allow employees to process payments via their accounts and manage daily sales revenue and tips.
Online tracking and monitoring: The POS software has a monitoring tool that allows businesses to track payments and sales at multiple locations at the same time. You can also track the waiters’ performances each day and see their sales at the end of each workday.
Gift Cards: This optional feature allows hospitality businesses to create gift vouchers and cards through the POS software.
Now that we’ve learned more about myPOS’ software features, let’s discuss its pros and cons.
myPOS Pros
- Businesses don’t need to pay yearly or monthly fees, except the fixed rates per transaction. They also don’t need to sign long-term agreements.
- Payments are processed in the myPOS merchant account instantly after each transaction.
- myPOS users can open an account and receive an IBAN account that accepts payments made in multiple international currencies.
- The payment software accepts most credit and debit cards as well as Apple, Google, and Samsung digital wallets.
- The myPOS software can be used for digital payment via payment web links and virtual terminals.
- myPOS users can use the software’s eCommerce integrations to develop an online shop for free.
myPOS Cons
- myPOS software cannot be connected to additional bank accounts. Users will receive payment on their myPOS merchant account connected to the debit Mastercard.
- The fees for money withdrawal from the Mastercard are higher than those from other in-person or online banks.
- Customers must undergo a very extensive verification process while creating a myPOS merchant account.
- Businesses will have to pay inactivity rates if they don’t use their merchant account for over 10 months.
- There are limitations on how much cash businesses can withdraw daily from their myPOS Mastercard.
- The fixed fees for non-consumer credit and debit cards are higher compared to other businesses’ rates and fees.
How to Create a myPOS Merchant Account
Creating a myPOS merchant account is pretty straightforward. Businesses can create an account using a device of their preference, such as an Android or iPad tablet, smartphone, desktop computer, or laptop.
These are the steps you need to take to open an account:
- Access myPOS’ official mobile app or website.
- Select “Sign Up”, then add your personal details, such as email, cellular phone, and password.
- Then, include additional details, such as birth date and place, first name, surname, and citizenship.
- Add general data on your company, such as registration number, activities, primary address, etc.
- You’ll be asked to write additional details on your anticipated turnover and estimated yearly sales revenue.
- You can add your business’ website or social media profiles as an optional field.
- Once you enter all the obligatory information, you can save it by accepting myPOS conditions.
- You will receive a verification message via phone. Once you add the code, you’ll be directed to another page. There you’ll be asked to add a personal identification document, such as an ID, passport, or driver’s license.
- myPOS will approve or disapprove your application in several minutes after you provide all the necessary information. If it’s approved, you can start using the merchant account instantly.
myPOS Tap to Pay Feature
myPOS introduced the new tap-to-pay payment feature designed for iPhone devices in October 2023. With the integration of this feature on the iPhone, businesses can process various forms of in-person, contactless payments, from traditional debit and credit cards to Apple Pay and other digital wallet services, such as Google and Samsung.
The tap-to-pay feature can be used via the myPOS Glass mobile app, which you can download from Apple’s App Store or Google Play. This tool is ideal for businesses that want to use fewer hardware devices and stick to portable and fast payment methods.
The myPOS Glass app adheres to the industry’s highest standards and security guidelines for optimal functionality and security. The mobile app is designed for both Android and Apple devices and doesn’t retain sensitive cardholder information. It aligns with the highest level of PCI DSS compliance.
Additionally, Apple also ensures that card details are not retained on the device or servers during payment processing. The customers’ data is encrypted and automatically deleted when the transaction is processed via the myPOS mobile app.
How to Use myPOS Tap to Pay
Here’s a list of the steps you need to take to accept and process payments with the tap-to-pay feature:
- Download the myPOS mobile app on an iPhone or Android device.
- Click the Payment category and manually enter a specific amount that the customer needs to pay.
- Once you enter an amount, the customer can either pay with a credit or debit card or a digital wallet (Google, Apple, or Samsung) by placing their card or smartphone horizontally near the contactless payment symbol on the iPhone screen.
- If the transaction is successful, the word “Done” will appear on the screen.
myPOS Partnerships
myPOS has an ongoing open call for tech businesses interested in partnering with the company that offer third-party integrations. Customers can choose which integrations will be synced within the software.
Their current partners include the following companies:
- Oscommerce
- ZenCard
- Magento
- Opericart
- XCart
- PrestaShop
- WooCommerce
- CloudCart
- GombaShop
myPOS Hardware
In addition to the electronic POS software, myPOS sells three hardware devices, all of which come equipped with myPOS software.
- myPOS Go 2
- myPOS Go Combo
- myPOS Pro
The devices are portable and lightweight and can be used on the move. All of them accept contactless, chip & pin, magstripe, and digital wallet payments.
Prices and Fees
Using both the myPOS mobile app and personal merchant account is free. Users don’t need to pay any yearly or monthly subscription rates and fees except the rates per transaction via myPOS software. The rates per transaction vary and depend on the transaction type; in-person transactions created with a payment device, such as the tap-to-pay feature, are charged differently than online payments.
Businesses can also apply for a free debit Mastercard and link it to their myPOS business account.
Below is a list of the free services that all myPOS customers can access:
- A personal myPOS account + unique business IBAN
- Monthly and yearly fees
- Internal payment transfers (outgoing & incoming)
- Funding created through a bank transfer
- Money transactions between accounts owned by the same merchant
myPOS Hardware Prices
These are the one-time prices of myPOS’ card payment terminals:
- myPOS Go 2: £39, but currently on sale for £29
- myPOS Go Combo: £179, but currently on sale for £129
- myPOS Pro: £229
Let’s move on to the different fixed rates and fees for several of myPOS payment options.
Rates and Fees for the Tap To Pay Feature
There are two subscription plans for users of the tap-to-pay feature:
Starter: The Starter subscription plan is perfect for small-sized businesses since it needs to be paid whenever users receive a payment. There aren’t any upfront conditions, and the subscription can be cancelled whenever the user wants to. The fixed rate per transaction is 1.60% plus an additional £0.07.
Pro: Businesses with a high monthly turnover can benefit from the Pro subscription plan, which is more expensive compared to the Starter plan. The first 30 days are free of charge; after that, the fixed monthly rate is £4.90. Businesses need to pay 1.10% plus an additional £0.07 per transaction.
Rates and Fees for In-Person Payments
Here’s a list of the fixed rates and fees for all types of in-person payments created through myPOS software:
- European Economic Area (EEA) and domestic (UK-issued) debit and credit cards: 1.10% and an additional £0.07 per transaction.
- AMEX: 2.45% and an additional £0.07 per transaction.
- Other types of commercial (business) or consumer credit and debit cards: 2.85% plus an additional £0.07 per transaction.
Online Payments Rates and Fees
The online payment rates and fees differ and are higher than the in-person payment card reader ones.
Here’s a list of all the fixed rates and fees:
- Payments created by UK-issued consumer debit or credit cards: 1.30% plus an additional £0.15 per transaction.
- AMEX: 2.50% plus an additional £0.15 per transaction.
- Other types of commercial (business) or consumer credit and debit cards: 2.90% plus an additional £0.15 per transaction.
- Payments made via telephone: The payment rates and fees for UK-issued and international cards remain, with an additional 1.00% per transaction.
myPOS Debit Card Rates and Fees
Here’s a list of myPOS’ Mastercard card rates and fees for businesses that use it:
- First Mastercard – free of charge
- Reissuing of the primary debit card in case of expiration – free of charge
- Reissuing of stolen, lost, or damaged debit card – £10
- Second and additional debit cards: £5 per card
Businesses must pay a £4 fee anytime they withdraw more than £300 and a £2 fee when they withdraw less than £300.
Company Summary
Founded in 2012 in Bulgaria, myPOS is a UK-based company that offers multiple online and in-person software and hardware payment solutions. The company was founded by Christo Georgiev in Sofia and relocated to the UK in 2017. Today, over 150.000 businesses in Europe use myPOS software and hardware daily to process in-person or online payments.
myPOS’ main office is located in London. Additionally, the company has branches in the following European countries:
- Ireland
- Belgium
- France
- Italy
- Portugal
- Bulgaria
- Romania
- Austria
- The Netherlands
myPOS is a member of the EMA Association and has received the following awards:
- Award for POS innovation (2023)
- FS award (first prize winner in 2022)
- Best Use of Mobile (2022)
- B2B Payments Innovation by FinTech Breakthrough Awards (2021)
- Best SME Omnichannel Payments Platform (2020)
Thomas Gunzinger is the head of the Directors’ Board, and Maxim Kochnev is the company’s current managing CFO.
myPOS’ headquarters address is located on the following address in London, UK: Identivue Limited, 4 Quay House, River Road, Arundel, BN18 9DF.
If you’d like to get in touch with the company, you can do so via the following number and email addresses:
- For general and sales-related questions, you can email the company at sales@myposconnect.com or call the following number: +4408000787737
- For customer and technical support questions and assistance, you can send an email to support@myposconnect.com
If you have any urgent inquiries, you can chat with customer support via the myPOS website from 10:00 until 17.45 (EET) on work days only.
Online Reviews
myPOS received over 9,800 reviews on Trustpilot and a median score of 4.2 out of 5.0 stars. Most reviewers commented positively and mentioned that myPOS software is user-friendly and easy to navigate.
The company also received 39 reviews on GetApp and an average rating of 4.5 out of 5.0 stars.
In contrast to the median ratings on Trustpilot and Gettap, they received a low average score of 2.5 out of 5.0 stars from 23 reviews on Sitejabber.
myPOS mobile app received over 14,700 reviews on Google Play and has an average score of 4.1 out of 5.0 stars. The app has over 900 reviews on Apple’s App Store and 4.7 out of 5.0 stars. It was voted as the 50th most popular app in the finance niche.